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Edrington cautious on short-term despite FY 2017 recovery - results

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  • FY net sales up 6% to GBP668.1m (US$866.8m)
  • Net profits jump 32% to GBP91m
  • Brand investment swells 18% to GBP110.7m

Edrington has rebounded to post a jump in full-year sales and profits, but warned that economic and political uncertainty clouds the immediate horizon.

Edrington increased investment in its brands in the past fiscal year, including Highland Park Scotch whisky

Edrington increased investment in its brands in the past fiscal year, including Highland Park Scotch whisky

The Macallan and The Famous Grouse owner said today that profits for the 12 months to the end of March were up 32% as sales climbed by 6%. The figures mark a recovery for Edrington, which last year saw profits decline and sales flatline as its Scotch brands lost volumes.

This fiscal year, Famous Grouse delivered its highest market share in the UK with Macallan increasing both volumes and sales, Edrington said. The company said the growth was down to its 2020 Strategy, now in its third year, of investing in The Macallan and Highland Park and developing its super-premium presence.

"2016-17 was a significant year of growth for Edrington despite a difficult backdrop of economic and political volatility, and a fiercely competitive marketplace," said CEO Ian Curle. "Since its introduction in 2015 our strategy - Perfect The Macallan, Accelerate Highland Park, develop Super-Premium, Optimise Regional Power Brands - has gained momentum and positively impacted results. Higher levels of investment in brand marketing, increased innovation and greater focus on consumers have led to an encouraging performance."

Looking ahead, Curle said: "Despite short-term uncertainty we are confident about the medium- and long-term prospects for the business."

New investments from Edrington are set to come into play this fiscal year, not least the completion of a new GBP100m (US$129m) Macallan distillery. The company has also released a pack overhaul for its Highland Park Scotch whisky brand and moved into a new headquarters in Glasgow.


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